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Rights groups slam media controls in Sri Lanka
COLOMBO, October 31, 2008 (AFP) – Sri Lanka has the lowest press freedom rating of any democracy and has been the first to use anti-terror laws to prosecute journalists, international rights groups said Friday. Five organisations, including the Paris-based Reporters Without Borders (RSF), said journalists and media institutions seeking to report independently on the island’s […]
Nut Cracker
Oct 31, 2008 (LBO) – Profits of Lanka IOC, a unit of India’s IOC fell 83 percent in the September quarter to 109 million rupees amidst high taxes and hedging costs, while six months profits were flat at 1.1 billion rupees, an official said. Lanka IOC managing director R Ramakrishnan said his firm was losing […]
‘s inflation eases to 20.2-pct
Oct 31, 2008 (LBO) – Consumer inflation in Sri Lanka’s capital Colombo fell to 20.2 percent in the 12-months to October from 24.3 percent a month ago, the central bank said. On Thursday the central bank broke its peg with the US dollar and the rupee fell by two rupees, but on Friday it continued […]
Sri Lanka forex markets limp back to life
Oct 30, 2008 (LBO) – Sri Lanka’s forex markets limped back to life at 110 rupees to the dollar and edged lower to 111.35 in late trading after the central bank broke a US dollar peg kept at 108 local units. A state bank that usually represents the central bank was selling dollars to the […]
Sri Lanka forex markets search for direction after announcement
Oct 30, 2008 (LBO) – Sri Lanka’s forex markets and debt ran out of quotes as dealers searched for direction after the central bank said it was breaking a peg with the US dollar at 108.00 following prolonged intervention lasting over seven weeks.“We are not yet quoting a rate,” a dealer told LBO soon after […]
Sri Lanka central bank to allow dollar peg to move
Oct 30, 2008 (LBO) – Sri Lanka’s central bank said it was allowing ‘greater flexibility’ in foreign exchange markets signaling a depreciation in the rupee that can break a dangerous sterilized intervention cycle in forex markets and bring stability back to the monetary system. In the meantime, in order to ensure the financial market stability, […]
Sri Lanka central bank to buy back short term bills
Oct 30, 2008 (LBO) – Sri Lanka’s central bank has announced auctions to buy back six billion rupees of short term bills at market rates, while overnight liquidity injection volumes were at 21 billion rupees.The Central Bank Thursday offered to buy 2.0 billion rupees of 70-day bills, 2.0 billion rupees of 77 day bills and […]
Sri Lanka shares sustain gains
Oct 30, 2008 (LBO) – Sri Lankan shares ended higher for the second day running with brokers saying the rise on larger trading volumes may indicate improved investor sentiment and that the slide may have bottomed out. LIOC ended up 3.41 percent or 0.75 rupees at 22.75 rupees with 233,000 shares changing hands. To receive […]
Sri Lankan tea output seen lower
Oct 30, 2008 (LBO) – Sri Lankan tea production is expected to fall with a religious holiday stopping plucking this week and factories focusing on making better quality teas, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Demand also improved at the Colombo auctions after […]
Chinese authorities tried to cover up Melamine eggs: state media
BEIJING, October 30, 2008 (AFP) – A government in northeast China kept quiet the discovery of melamine-tainted eggs for weeks and ordered a media ban before Hong Kong authorities finally revealed the problem, state press said Thursday. The animal sanitation inspection department of Liaoning province suspected the tainted eggs came from chicken feed and ordered […]